australian marine conservation society inc

Contents Page

Financial Statements comprising;

Statement of Comprehensive Income 2

Balance Sheet 3

Statement of Changes in Equity 4

Notes to the Financial Statements 5

Statement by Members of the Committee 10

Independent audit report to members 11

Australian Marine Conservation Society

Inc

Annual Report

For The Year Ended 31 December 2018

of 12.

Income Statement


Note

Projects and GrantsSpecific Purpose Donations and Grants

Gross Project and Grant Income

Total Project Expenses 2

Net Projects and Grants

FundraisingBusiness Partners/Supporters

General Purpose Donations

Events

Membership FeesMerchandise

Sundry

Gross Fundraising Income

Total Fundraising Expenses 4

Net Fundraising

Other IncomeInterest Received

DENR

Total Other Income

Total Other Expenses

Net Other Income

Operating Expenses 5

TOTAL COMPREHENSIVE INCOME

The accompanying notes form part of this financial report.

1,690,031

1,690,031 1,827,033

88,031 103,339

1,198,948

62,153 19,715

1,929,496

Australian Marine Conservation Society Inc

$

TOTAL DIRECT INCOME

2018$

2017

1,573,658 1,302,287

1,485,627

- -

1,827,033

1,827,033

1,690,031

1,657,918

52,100 51,121

2,111,001

-

28,934

30,000 -

608,722 541,247

479 4,400

3,007 3,589 63,766 77,857

71,379 28,934

1,502,279 1,273,353

71,379 28,934

-

1,814,601

41,379

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Balance Sheet

As at 31 December 2018

Note

Current AssetsCash and cash equivalents 6Trade and other receivables 7Inventories 8Other current assets 9

TOTAL CURRENT ASSETS

Non-current AssetsOther non-current asset 9TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

Current LiabilitiesTrade and other payables 11Short-term borrowings 12

TOTAL CURRENT LIABILITIES

TOTAL NON-CURRENT LIABILITIES

TOTAL LIABILITIES

NET ASSETS

EQUITY

Retained Earnings

TOTAL EQUITY


8,525

1,860,995

703

2,288,437

8,525

-

2,301,990

1,879,783

9,560 10,210

1,416,408

1,772,674

(13,566)

8,525 8,525

2,310,515


551,406

2018 2017

1,759,108

1,434,215

(17,807)

$$

3,343

-

1,871,258

463,376

551,406 463,376

551,406

- -

1,759,108 1,416,408

463,376

of 12.

Statement of Changes in Equity



Profit for the year 103,339

Balance as at 31 December 2018551,406

463,376

88,031

$

Balance as at 1 January 2017

TOTAL

EQUITY

360,037

Balance as at 31 December 2017


88,031

Retained

Earnings$

103,339

360,037

463,376

551,406

Profit for the year

of 12.

Notes To The Financial Statements


Note 1 Statement of significant accounting policies

Basis of Preparation

Accounting Policies

Revenue

Interest income is recognised on receipt.

Inventories

Plant and Equipment

Depreciation

The committee has prepared the Financial Statements on the basis that the association is not a reporting entity

because there are no users who are dependent on its General Purpose Reports. These Financial Statements are

therefore a Special Purpose Financial Report that has been prepared in order to satisfy the reporting requirements

of the Australian Charities Not-for-Profit Commission Act 2012 and that the provisions of the Charitable

Fundraising Act 1991, Condition 6(3)(c), the Regulations under the Act and the conditions attached to the

authority have been complied with.

The carrying amount of plant and equipment is reviewed annually by the committee to ensure it is not in excess of

the recoverable amount from those assets. The recoverable amount is assessed on the basis of the expected net

cash flows which will be received from the assets employment and subsequent disposal. The expected net cash

flows have not been discounted to present values in determining recoverable amounts.

The financial statements are for Australian Marine Conservation Society Inc as an individual entity. Australian

Marine Conservation Society Inc is an incorporated association, incorporated and domiciled in Queensland under

the Associations Incorporation Act 1981.

The depreciable amount of all fixed assets are depreciated over their useful lives commencing from the time the

asset is held ready for use.

Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a specific

identification basis and include direct costs and appropriate overheads, if any.

Plant and equipment are measured on the cost basis less depreciation and impairment losses.

Revenue from the rendering of a service is recognised upon delivery of the service to the customers.

If conditions are attached to a grant or donation which at balance date have not been satisfied, the association

recognises the unsatisfied obligation as a liability (Prepaid Income). Grant revenue and donations for which all

conditions have been satisfied are recognised as income.

Grants and Donations without conditions are recognised as revenue when received.

All revenue is stated net of the amount of goods and services tax (GST).

Revenue from the sale of goods is recognised upon the delivery of goods to customers.

The financial statements have been prepared on an accruals basis and are based on historical costs modified,

where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial

liabilities.


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Note 1 Statement of significant accounting policies (continued)

Employee Benefits

Cash and cash equivalents

Goods and Services Tax (GST)

Income Tax

IntangiblesSoftware

Comparative Figures

Note 2 Project Expenses

Co-ordinators and Project Officers

Postage Printing & Stationery

Project Expenses

Telephone and Internet

Travel and Conference Expenses

Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid

investments with original maturities or three months or less, and bank overdrafts. Bank overdrafts are shown

within short-term borrowings in current liabilities on the balance sheet.


Provision is made for the association's liability for employee benefits arising from services rendered by employees

to the end of the reporting period. Employee benefits that are expected to be settled within one year have been

measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than

one year have been measured at the present value of the estimated future cash outflows to be made for those

benefits.

Contributions are made by the association to employee superannuation funds and are charged as expenses when

incurred.

1,478,832 1,248,681

4,302

$

74,671

No provision for income tax has been raised as the association is exempt from income tax under Div 50 of the

Income Tax Assessment Act 1997.

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST

incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as

part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the

balance sheet are shown inclusive of GST.

8,540

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in

presentation for the current year.

2018 2017$

1,827,033 1,690,031

99,509

160,016 187,307

109,212 145,994

Software is recorded at cost. Software has a finite life and is carried at cost less any accumulated amortisation

and impairment losses. It has an estimated useful life of between one and three years. It is assessed annually for

impairment.

Provisions

Provisions are recognised when the association has a legal or constructive obligation, as a result of past events,

for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.

Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of

the reporting period.

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Note 3 General Purpose Donations

Other General Purpose Donations

Note 4 Fundraising Expenses

Appeals

Donor Acquisition

Events

Merchandise

Professional Fees

Wages & Superannuation

Note 5 Operating Expenses

Employee Related ExpensesSuperannuation Contributions

Travelling Conference and Training

Other Employee Expenses

Wages

WorkCover

Occupancy ExpensesDepreciation and Amortisation

Electricity

Insurance

Rent

Repairs, Maintenance & Sundry expenses

Office OverheadsSupporter Engagement Expenses

- Magazine Expenses

- Supporter Care

Audit Fee

Bank Charges and Interest

Board Expenses

Website, Database & IT Expenses

Printing Postage & Stationery

Professional Fees

Subscriptions

Telephone & InternetSundry Expenses

Total Operating Expenses

Note 6 Cash and Cash Equivalents

Suncorp Operating Accounts

Bendigo A/c no. 146734777

827,164

75,025 97,937

9,781

112,613

47,491

39,368

61,335

278,386 205,377 608,722 541,247

82,900

32,051

606

1,485,627 1,198,948

109

362,300 291,731

-

2,718

56,744

7,353

129,336 88,326

168,752 209,687

2,711


2018 2017$

257

32,248 34,064

46,801

12,703

27,090

11,708

9,403

79,603 80,053

7,888

- 3,537

52,083

-

22,912

46,236

845,066

(814)

-

$

8,645

6,912

2,700

16,498

4,964

162,693

663,174

13,532

2,238

12,965

3,000

11,207

3,616

160,550

1,043,724

107,731 205,114

2,180,706

1,860,995

1,929,496 1,657,918 1,929,496 1,657,918

2,288,437

-

1,655,881

of 12.



Note 7 Trade and other receivables

CurrentTrade debtors

Staff Salary Sacrifice

Total Receivables

Note 8 Inventories

Inventories held for sale

At Cost

Total inventories

Note 9 Other Assets

CurrentPrepayments

Non-currentRental Bond

Total other assets

Note 10 Plant and Equipment

Office Equipment

less accumulated depreciation

Total Plant and Equipment

Note 11 Trade and Other Payables

CurrentUnsecured liabilities

Trade Payables

PAYG Tax Payable

Superannuation Payable

Employee Provisions

GST Liabilities

Grant Income Carried Forward

Total Trade and Other Payables


2018

10,719 22,788

$2017

$

3,343

-

703 3,343

9,560 10,210

10,210 9,560

8,525

8,525

8,525

8,525

- -

35,149 35,149

(35,149) (35,149)

- -

144,156 36,832

49,866

38,640

24,822

28,155

(16,621)

1,533,844 1,336,985

1,772,674 1,434,215

703

(3,298)

-

of 12.



Note 12 Borrowings

CurrentUnsecured liabilities

Credit cards

Total Borrowings

Note 14 Mortgages charges and other securities

Note 15 Association details

The principal place of business of the association is:


4/145 Melbourne St

South Brisbane QLD 4101

Note 16 Events After the Balance Sheet Date

The financial report was issued on 28 March 2019 by the Committee.

$ $


There are no mortgages charges or other securities affecting the assets of the association

(13,566)

20172018

(17,807)

(17,807)

No events have occurred since balance sheet date which will have a material financial effect.

(13,566)

of 12.

Liability limited by a scheme approved under Professional Standards Legislation

ABN 18 163 431 052

A Unit 9 / 82-86 Minnie Street

Southport QLD 4215

P PO Box 288

Ashmore City QLD 4214

T 07 5503 0088

E [email protected]

W www.twauditors.com.au

Independent Auditor's Report

To the Members of Australian Marine Conservation Society Inc

Report on Audit of the Financial Report

Opinion

We have audited the accompanying Financial Report, being a Special Purpose Financial Report, of

Australian Marine Conservation Society Inc, which comprises the Balance Sheet as at 31 December 2018

and the Statement of Comprehensive Income and Statement of Changes in Equity for the year ended on

that date, a Summary of Significant Accounting Policies, other Explanatory Notes and the Statement by

Members of the Committee.

In our opinion, the financial report of presents fairly, in all material respects the financial position of as

at 31 December 2018 and of its financial performance for the year ended on that date, in accordance

with the accounting policies described in Note 1 of the Financial Statements, the Australian Charities

and Not-for-Profits Commission Act 2012 the requirements of the Charitable Fundraising Act 1991

(Section 24) and conditions of the authority in terms of financials have been complied with.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under

those standards are further described in the Auditor's Responsibility for the Audit of the Financial

Report section of our report. We are independent of the Entity in accordance with the ethical

requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for

Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia.

We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the

audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter - Basis of Accounting and Restriction on Distribution

Without modifying our opinion, we draw attention to Note 1 on the Financial Statement, which

describes the basis of accounting. The financial report has been prepared to assist Australian Marine

Conservation Society Inc to meet the requirements of the Australian Charities and Not-for-Profits

Commission Act 2012. As a result, the financial report may not be suitable for another purpose.

Other Information

Those charged with governance are responsible for the other information. The other information

comprises the information included in the Entity's annual report but does not include the financial

report and our auditor's report thereon.

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Liability limited by a scheme approved under Professional Standards Legislation

Other Information (continued)

Our opinion on the financial report does not cover the other information and accordingly we do not

express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information

and, in doing so, consider whether the other information is materially inconsistent with the financial

report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this

other information, we are required to report the fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

Management is responsible for the preparation and fair presentation of the financial report in

accordance with the Australian Charities Not-for-profits Commission Act 2012 and Australian Accounting

Standard, and for such internal control as management determines is necessary to enable the

preparation of the financial report that is free from material misstatement, whether due to fraud or

error.

In preparing the financial report, management is responsible for assessing the Entity's ability to continue

as a going concern, disclosing as applicable, matters related to going concern and using the going

concern basis of accounting unless management either intends to liquidate the Entity or to cease

operations, or has no realistic alternatives but to do so.

Those charged with governance are responsible for overseeing the Entity's financial reporting process.

Auditor's Responsibility for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free

from material misstatement, whether due to fraud or error, and to issue an auditor's report that

includes our opinion. Reasonable assurance is a high level of assurance, but not a guarantee that an

audit conducted in accordance with the Australian Auditing Standards will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,

individually or in the aggregate, they could reasonably be expected to influence the economic decisions

of users taken on the basis of this financial report.

[A further description of our responsibilities for the audit of the financial report is located at the

Auditing and Assurance Standards Board website at http://www.auasb.gov.au/Home.aspx.]

Richard Allen CA

28 March 2019

Unit 9 Minnie Central

82-86 Minnie Street

Southport Qld 4215

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australian marine conservation society inc

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